Spotlight

Indian equity markets are expected to trade on a stable note, supported by lower crude oil prices and improving global risk sentiment. Continued progress in the U.S.–Iran negotiations has strengthened hopes of a diplomatic resolution, easing concerns over energy supply disruptions and providing support to risk assets.

Meanwhile, softer-than-expected U.S. jobs data has tempered expectations of near-term monetary tightening by the Federal Reserve, offering an additional boost to investor sentiment.

Nevertheless, caution is likely to prevail at higher levels as markets await greater clarity on the outcome of the negotiations, with geopolitical developments expected to remain the key near-term catalyst.   

Crude oil prices continue to provide a favourable backdrop for Indian equities. After recently falling to a low near $67 per barrel, crude is currently trading in the $68–69 range. The sustained softness in energy prices supports India's macroeconomic outlook by easing external sector pressures, moderating inflation risks and reinforcing overall investor sentiment.

Meanwhile, foreign institutional investors (FIIs) have remained net sellers, reflecting a cautious approach amid evolving global developments. However, continued buying by domestic institutional investors (DIIs) has helped absorb the impact of overseas outflows, providing stability to the market and underpinning the resilience of domestic equities.

Technical view

Nifty 50

Nifty 50 continues to exhibit a constructive technical structure after successfully reclaiming the 24,000 psychological mark, reflecting improving market sentiment and sustained buying interest. From a technical perspective, the 24,200–24,250 region remains the immediate resistance zone. A sustained breakout above this band would reinforce bullish momentum and could pave the way for an advance towards the 24,400–24,450 region, where the 200-day EMA is positioned.
 
On the downside, the 24,000 psychological level is expected to provide immediate support, followed by the 23,900–23,800 region, which aligns closely with the 20 and 50-day EMAs. Holding above these support levels will be crucial to preserve the prevailing recovery structure and maintain the positive undertone. Overall, the near-term technical outlook remains cautiously positive. A sustained breakout above the 24,200–24,250 resistance zone will be essential to confirm stronger bullish momentum and support the continuation of the broader recovery trend.

Bank Nifty

Bank Nifty continues to trade with a stable technical bias, indicating that the broader uptrend remains firmly intact. From a technical perspective, the 58,200–58,300 region continues to act as the immediate resistance zone. A sustained move above this band would reinforce bullish momentum and could extend the ongoing rally towards the 58,600–58,700 resistance region.
 
On the downside, the 58,000 psychological mark remains a crucial support level. A sustained break below this zone could trigger fresh selling pressure and drag the index towards the 57,600–57,500 support region. Overall, the near-term technical outlook remains constructive, with Bank Nifty likely to maintain its positive bias as long as it sustains above the 58,000 mark.